Debt consolidating counseling

Although each lender will probably require different documentation depending on your history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.

If you have a good payment history with a bank, credit union or credit card company, asking that institution about a debt consolidation loan should be your first step.

Debt consolidation means taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones.

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Even so, the interest rates are still typically less than the rates on credit cards. “Typically, the loan has to be paid off in three to five years,” says Harrine Freeman, CEO and owner of H. Freeman Enterprises, a credit repair and credit-counseling service in Bethesda, Md., and author of “How to Get Out of Debt.” These types of loans don’t erase the debt; they simply transfer all your debts to a different lender or type of loan.This amounts to a total savings of ,371.52 (,750 for payments and ,621.52 in interest).Of course, borrowers must have the income and credit worthiness necessary to allow a new lender to offer them at a lower rate.(In circumstances where you need actual debt relief or don't qualify for loans, it may be best to look into a debt settlement rather than, or in conjunction with, a debt consolidation.

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Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.

These loans are usually offered by financial institutions, such as banks and credit unions; there are also specialized debt-consolidation service companies.

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